Circle Seeks EU Stablecoin Rule Changes to Boost Global Competition

Circle is calling for targeted changes to the European Union's Markets in Crypto-Assets (MiCA) regulation, arguing that it no longer fully reflects the realities of today's global stablecoin market.

The proposal comes as European policymakers prepare to review MiCA nearly two years after the framework entered into force.

Circle believes one important challenge remains unresolved: only three of the world's fifty largest stablecoins currently satisfy MiCA's regulatory requirements, and many internationally popular stablecoins remain unavailable or face regulatory barriers inside the European Union.

The company argues that the next phase should focus on making European rules more internationally competitive while preserving strong regulatory oversight. One proposal involves creating a recognition framework that would allow certain foreign-regulated stablecoin issuers to operate within the European Union under clearly defined conditions.